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GasLog Ltd inks long term charters with Cheniere

Logistic News - Published on Fri, 11 Jan 2019

Image Source: LNG World News
GasLog Ltd has provided further detail on the new charter party agreements, each for a firm period of seven years, with a wholly owned subsidiary of Cheniere Energy Inc, originally announced on December 26, 2018. To fulfil the Charters, two 180,000 cubic meter LNG carriers (HN 2311 and HN 2312) with low pressure two stroke (“LP-2S”) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries in South Korea, with expected delivery in mid-2021. The Charters build on GasLog’s existing relationship with Cheniere, which now totals four newbuilds on order and the GasLog Partners LP owned GasLog Sydney, which is currently on a multi-year time charter.

The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.

GasLog Partners has the right to acquire the vessels delivered into the Charters pursuant to the omnibus agreement between GasLog and GasLog Partners. As a result, GasLog Partners’ potential dropdown pipeline will increase to 12 LNG carriers with charter length of five years or longer and the Partnership is well positioned to announce a further dropdown acquisition within the first quarter of 2019.

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Posted By : Joykumar Irom on Fri, 11 Jan 2019
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